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Commerce Bank Honored at Impact Innovation Awards

April 1, 2019
Pictured L-R: Melissa Stiles, Product Manager and Matt White, Director of Commercial Strategy (Photo: Business Wire)

KANSAS CITY, Mo.--(BUSINESS WIRE)--Apr 1, 2019--Commerce Bank was recently recognized by Aite Group as an innovative financial institution leveraging best-in-class technology. Commerce’s Small Business Services division won the Customer Experience category at the inaugural Innovation in Cash Management and Payments Forum in New York City for its introduction of CashFlow Complete, a digital business payments solution built specifically for small to mid-sized businesses (SMBs). Powered by leading digital business payments provider Bill.com, CashFlow Complete enables SMBs challenged with time consuming and paper-intensive processes to save significant time, gain efficiencies and better manage their cash flow.

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Pictured L-R: Melissa Stiles, Product Manager and Matt White, Director of Commercial Strategy (Photo: Business Wire)

The cloud-based, single sign-on bank product was designed to help streamline, simplify and automate the full end-to-end, back office accounts payable and accounts receivable process. Commerce Bank launched CashFlow Complete in July 2017 to provide a business payments product that is affordable and most closely matches the intuitive design and operation of consumer applications, with the robust functionality, security and control businesses need.

“At Commerce Bank, we are personally invested in supporting the small business leaders who trust us with their future and their livelihood,” said Matt White, Director of Commercial and Small Business Strategy, Marketing and Sales Delivery, Commerce Bank. “We introduced CashFlow Complete to simplify cash management and payments so entrepreneurs and small business owners can focus more of their time and energy on the parts of running a business that they truly love. To be honored for pursuing that mission is humbling and we are grateful.”

In its first year, the awards program honored the innovative financial institutions that are introducing new products, capabilities, or levels of automation and effectiveness that bring the industry one step closer to next-generation banking.

“With its CashFlow Complete solution, Commerce Bank demonstrates the important role customer experience plays in providing customers innovative products that provide transparency into their cash flow and help them save time that can be spent doing what’s most important to them,” said Christine Barry, Research Director, Aite Group

The award winners and finalists in six unique categories were selected based on the following criteria, which were considered when scoring each entry:

  • Level of innovation and competitive advantage
  • Market need
  • Impact on customer experience
  • Impact on customer operational efficiency
  • Level of new revenue opportunity
  • Impact on customer retention/new customer attraction
  • Level of scalability across customer base
  • Future roadmap

The winners were selected by a nine-person panel that consisted of three Aite Group analysts and six external judges.

To learn more about Commerce Bank’s Small Business Services and CashFlow Complete, please visit https://www.commercebank.com/business/payables-and-receivables/cashflow-complete.

About Commerce Bank

With $25.5 billion in assets 1, Commerce Bancshares, Inc. (NASDAQ: CBSH) is a registered bank holding company offering a full line of banking services, including payment solutions, investment management and securities brokerage. Commerce Bank, a subsidiary of Commerce Bancshares, Inc., leverages more than 150 years of proven strength and experience to help individuals and businesses solve financial challenges. In addition to offering payment solutions across the U.S., the Company currently operates banking facilities in nine key markets including St. Louis, Kansas City, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City and Denver. Commerce Bank also maintains commercial offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids. Commerce delivers high-touch service and sophisticated financial solutions at regional branches, commercial offices, ATMs, online, mobile and through a 24/7 customer service line. Learn more at www.commercebank.com.

1. As of December 31, 2018

About Bill.com

Bill.com is the leading digital business payments company with a network of 3 million members, processing more than $60 billion in payments annually. Making it simple to connect and do business, the Bill.com cloud-based Payment Management Platform automates, streamlines, and controls the payments process, saving more than 50 percent of the time typically spent. Bill.com partners with the largest U.S. financial institutions, more than 60 of the top 100 accounting firms, major accounting software providers including Netsuite, Intacct, QuickBooks, and Xero, and is the preferred provider of digital payments solutions for CPA.com, the technology arm of the American Institute of CPAs (AICPA). Bill.com is the winner of more than 70 awards, and recognized as one of San Francisco Business Times’ and Silicon Valley Business Journal’s “2018 Best Places to Work.”

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CONTACT: Commerce Bank

Molly Hyland, 314-746-3657

Molly.Hyland@commercebank.com

KEYWORD: UNITED STATES NORTH AMERICA MISSOURI

INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE SMALL BUSINESS PROFESSIONAL SERVICES ACCOUNTING BANKING FINANCE

SOURCE: Commerce Bank

Copyright Business Wire 2019.

PUB: 04/01/2019 06:00 AM/DISC: 04/01/2019 06:00 AM

http://www.businesswire.com/news/home/20190401005069/en